Section 7 - Amendment of section 32A - Finance Act, 1986

7. Amendment of section 32A In section 32A of the Income-tax Act, - (a) in sub-section (2), - (i) in clause (c), for the figures, letters and words 1st day of April, 1988, , the figures, letters and words 1st day of April, 1987, shall be substituted with effect from the 1st day of April, 1987; (ii) in clause (2) of the Explanation, for sub-clauses (i) and (ii), the following sub-clauses shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1985, namely :- (i) in a case where the previous year ends before the 1st day of August, 1980, ten lakh rupees; (ii) in a case where the previous year ends after the 31st day of July, 1980 but before the 18th day of March, 1985, twenty lakh rupees; and (iii) in a case where the previous year ends after the 17th day of March, 1985, thirty-five lakh rupees, ; (b) in sub-section (8), the words , not being earlier than three years from the date of such notification, shall be omitted; (c) after sub-section (8A), the following sub-section shall be inserted with effect from the 1st day of April, 1987, namely :- (8B) Subject to the provisions of clause (ii) of sub-section (3), no deduction shall be allowed under this section in the case of an assessee who has claimed the deduction allowable under section 32AB. .